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Summary: What are the characteristics of the people that eventually become successful millionaires? Check out these top 5 characteristics of a successful millionaire.
One of my goals in life is to one day become a millionaire. And I think that is one of the reasons I created this blog – to learn about personal finances and share what I have learned to other folks.
And honestly, I have read a lot of books on investing, personal finance, you name it. I have read books about the greats such as Warren Buffet, Peter Lynch, Charles Koch, and Aliko Dangote.
From what I have learned so far, most of these millionaires and billionaires are not necessarily any smarter than anyone else. In fact, many of them drop out of college or don’t have any degrees.
So why are they so successful? What makes them so successful than others? What are the secrets to their success? Successful millionaires are patient, have great work ethic, invest their money and invest regularly. Most importantly, they have a plan.
In contrast, the people who have no work ethic and who are not patient will often cut corners. They don’t save to invest, they don’t invest their money. Rather, they spend their money as soon as they get it. These people will not become millionaires.
1. Successful millionaires have a plan and they stick to it.
Successful millionaires have a plan and they stick to it. They assess what they need. They look at their goals, time-frame, and knowledge [in their area] and they come with a goal, a plan that suits their own needs. Then they read all they can about the [topic] they chose. In short they have a vision and stick to their convictions.
2. Successful millionaires invest their money and they invest regularly.
To be a millionaire you have to invest your money. Don’t just save to save. Rather, save to invest. Successful millionaires know and understand this. They invest in mutual funds, stocks. They know that stocks are one of the best investments with potential to grow their money. Second, they invest regularly. Every month, they add money to their investment.
3. Successful millionaires are patient.
Successful millionaires are patient. They don’t engage in ‘get rich quick’ schemes. They don’t get caught up in the volatility of the market. They know that it takes time for their investment, their business to make profits. They understand that in order to get rich, they have to be patient. They don’t jump in and out of investments.
4. Successful millionaires have a great work ethic and are committed to work.
To become a successful millionaire, you have to have a strong work ethic. A significant number of people who wish to become millionaires are not committed to do the work. Whether you want to get a promotion, or become a manager, or open your own business, you have to be 100% committed to the work.
5. Successful millionaires take risk.
Successful millionaires are not afraid to take risks. They are not afraid of a challenge. They are diligent. They take risks. To them, risk is important to take, but not foolishly, not blind risk. They have a fear of failure. But that is what keeps them going and keep them focused.
Conclusion
In reading countless books regarding successful millionaires, I have come to understand what makes certain people succeed and others fail. There are very few people out there who are willing to do the work, are committed, are patient and who will not cut corners to get ahead, are taking risks, are investing their money in stocks. This is one reason why there are so few who ever become successful millionaires. If you ever want to be a successful millionaire, practice those five criteria above.
Do you have these four characteristics? Do you stick to your plan? Do you invest regularly? Are you patient? Are you unemotional when it comes to investing? If you have all of these characteristics, then you are more likely to become a millionaire.
Do you agree? Share your thoughts in the comments below.